FRANKFORT, Ky. (Oct. 13, 2022) – Today, Gov. Andy Beshear congratulated VITRONIC Machine Vision Ltd., which develops innovative machine vision technology for a range of industries – including automotive, logistics and traffic enforcement – as company leaders celebrate the grand opening of a new Customer Collaboration Center and an expansion of its Louisville facility.
As part of the company’s growth plan, and in addition to the operation’s current employment base of 50, 35 to 50 new, highly skilled employees are being hired in fields such as engineering, sales and marketing.
“VITRONIC is developing the type of innovative technology that is helping position Kentucky to be a leader in the industries of the future,” Gov. Beshear said. “The jobs created by the company benefit local residents and further the significant high-tech growth we have seen in the Louisville area in recent years. I want to thank the leaders at VITRONIC for this commitment and look forward to even more success in the years to come.”
VITRONIC leaders noted the need for additional space and resources to accommodate new major customer projects within the logistics sector. The company also has seen significant growth in other markets, such as automotive, e-mobility, health care and traffic enforcement.
“Logistics automation has been very important for us since the company was first established in Louisville, Kentucky, in 1999, working with the leading package handling companies in North America,” Kjell Lyngstad, president and CEO of VITRONIC North America. “With the dynamic business climate in Kentucky, including growth opportunities in our core focus sectors, this expansion will contribute to build a stronger presence in the local markets.”
Headquartered in Wiesbaden, Germany, VITRONIC was founded in 1984 and has maintained a presence in Louisville since 1999. The company develops innovative products and technology in the growth industries of automotive/EV, logistics automation, health care and traffic enforcement/tolling. VITRONIC offers a unique portfolio of systems and software for image and sensor-based quality inspection, identification, traffic monitoring and toll collection. The company has a presence in more than 80 countries and currently employs 1,300 people worldwide.
Louisville Mayor Greg Fischer said the project highlights the city’s position as a logistics hub.
“Louisville is an international center for logistics where companies can move goods and products by river, road, rail or runway. Our local logistics industry is predicted to grow another 30% in the next 10 years, and with that growth, we are seeing companies that service the industry continue to invest in our city through expanded office spaces and additional jobs,” Mayor Fischer said. “We are happy to celebrate the expansion of VITRONIC and the opening of its new Customer Collaboration Center, which will support their business growth and drive innovation throughout Louisville’s logistics industry.”
The completion of VITRONIC’s expansion furthers recent economic momentum in the commonwealth, as the state builds back stronger from the effects of the pandemic.
In 2021, the commonwealth shattered every economic development record in the books. Private-sector new-location and expansion announcements included a record $11.2 billion in total planned investment and commitments to create a record 18,000-plus full-time jobs across the coming years. Kentucky’s average incentivized hourly wage for projects statewide in 2021 was $24 before benefits, a 9.4% increase over the previous year.
The economic momentum has carried strongly into 2022, with nearly $7.5 billion invested and more than 13,000 full-time jobs created just through September.
Since taking office, Gov. Beshear’s administration has welcomed $21 billion in investments that are creating 40,000 jobs, including the two largest economic development projects in state history. In September 2021, Gov. Beshear and leaders from Ford Motor Co. and SK Innovation celebrated a transformative $5.8 billion investment that will create 5,000 jobs in Hardin County. And in April of this year, the Governor was joined by leadership at Envision AESC to announce a $2 billion investment that will create 2,000 jobs in Warren County. These announcements solidify Kentucky as the EV battery production capital of the United States.
Kentucky’s success has been noted by both S&P Global Ratings and Fitch Ratings, which have upgraded the state’s financial outlook to positive in recognition of the commonwealth’s surging economy. In addition, Site Selection magazine placed Kentucky at 6th in its annual Prosperity Cup rankings for 2022, which recognizes state-level economic success based on capital investments.
Kentucky has posted record low unemployment rates for five consecutive months, holding at or below 3.9% since April 2022.
In July, the Governor reported the highest annual growth rate in 31 years. And for the second year in a row, Kentucky’s General Fund budget surplus has exceeded $1 billion. Also in July, Gov. Beshear reported that the state’s rainy day fund is up to a record balance of $2.7 billion, significantly higher than the $129 million balance the fund had when the Governor took office.
Data from the U.S. Bureau of Labor Statistics showed Kentucky lead the entire nation in job growth for the month of August, adding 26,700 nonfarm payroll jobs.
In September, Kentucky reported August 2022 General Fund receipts hit an unprecedented high for any August on record, marking 21 straight months of growing revenues for the state.
For more information on VITRONIC Machine Vision, visit Vitronic.com.
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Information on Kentucky’s economic development efforts and programs is available at CED.ky.gov. Fans of the Cabinet for Economic Development can also join the discussion at facebook.com/CEDkygov, on Twitter @CEDkygov, Instagram @CEDkygov and LinkedIn.